Sam Bankman-Fried Reveals Circumstances Behind Bahamian Withdrawal

Former FTX CEO Sam Bankman-Fried has revealed what really happened when the exchange selectively resumed withdrawals before filing for bankruptcy — Bahamas users only.

In a phone interview with cryptocurrency blogger Tiffany Fung dated Nov. 16, Bankman-Fried claims he has made the decision to reopen withdrawals to Bahamian citizens. of angry people in it.

“The reason I did it is because that’s where I am now and I don’t want or want to be in a country with a lot of angry people. Your company is a country with a lot of angry people. incorporated into,” he said.

Bankman-Fried claims he gave Bahamas securities regulators a “one-day warning” that FTX intended to do so, but regulators responded “yes” or “no.” It said it didn’t and ultimately decided to allow withdrawals.

“So realistically speaking, it’s silly, […] The road to FTX included that Bahamians aren’t upset about it. “

The now defunct crypto exchange suspended all withdrawals on November 8th as a result of liquidity issues.

On Nov. 10, just one day before filing for bankruptcy, the exchange revealed that it had begun facilitating the withdrawal of Bahamian funds. At the time, millions of dollars worth of funds were withdrawn from the exchange, claiming to comply with the requirements of the country’s regulators.

However, the Bahamas Securities Commission (SCB) threw a wrench into FTX’s explanation on Nov. 12, saying it had neither directed nor authorized FTX to prioritize withdrawals for Bahamian customers.

They also warned that the withdrawal of funds could be reversed as part of the company’s liquidation proceedings.

Cointelegraph reached out to SCB to confirm if FTX contacted them before the exchange resumed withdrawals and what their response was. SCB did not immediately respond.

In a recent interview with Fong, Bankman-Fried denied the move after Fong suggested it was to facilitate withdrawals by people within FTX.

“Oh, it wasn’t an insider withdrawal. This was trying to create a regulatory channel for the exchange.”

SBF was hot in the footsteps of FTX hackers

Former FTX CEO In Nov. 16th Interview, Find Out The FTX Hacker Who Is Believed To Have Stole $450M Worth Of Assets Shortly After The Exchange Filed For Bankruptcy On Nov. 11th said that it is.

“We cut off all access to the system during the investigation, so we don’t know exactly who. “

Bankman-Fried said he believes it could be “either the ex-employee or where someone installed malware on the ex-employee’s computer.”

Related: ‘I never opened the FTX code’: SBF had a long and candid conversation with vlogger

In another recent interview with Sam Bankman-Fried by Axios on Nov. 29, the former FTX CEO revealed that he only has about $100,000 left in his bank account as of today.

This is despite Bankman-Fried being worth an estimated $26 billion at its peak.

Bankman-Fried claims he was tied up with “basically everything” at the bankrupt company.

“I mean, I don’t know. I don’t know. The last time I checked my bank account, there was $100,000,” he said.